Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is recognized as a leader in the soft drink industry, with a dual-engine development strategy focusing on packaged water and beverages. The report highlights the company's long-term commitment to quality and its robust competitive advantages [9][15]. - The report anticipates steady revenue growth, projecting revenues of 49.5 billion, 55.2 billion, and 60.8 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 14.15 billion, 15.98 billion, and 17.85 billion yuan [9][15]. Summary by Sections 1. Introduction - The company has demonstrated a compound annual growth rate (CAGR) of approximately 16% in revenue and 27% in net profit from 2018 to 2023, driven by strategic focus on natural water and consumer health trends [15][24]. 2. Development of China's Soft Drink Leader - The company has expanded its product range from packaged water to include tea drinks, functional beverages, and juices, achieving a dual-engine growth model [16][24]. - The company has a stable and concentrated shareholding structure, with the founder holding 83.97% of the shares, ensuring strong control over strategic decisions [17]. 3. Strong Competitive Advantages - The company has established 12 premium water sources, ensuring a competitive edge in supply chain management and production efficiency [39][40]. - The beverage segment has shown significant growth, with tea drinks experiencing a 32.3% increase in revenue, driven by rising health consciousness among consumers [26][35]. 4. Industry Outlook - The packaged water market in China is expected to continue growing, with a CAGR of about 7% from 2018 to 2023, indicating room for increased penetration [9][15]. - The beverage market is also expanding, with specific segments like sugar-free tea showing rapid growth, suggesting a favorable environment for the company's product offerings [9][15]. 5. Profit Forecast and Valuation - The report forecasts revenue growth of 15.4%, 11.6%, and 10.1% for 2025, 2026, and 2027, respectively, with net profit growth of 16.7%, 12.9%, and 11.7% during the same period [9][15].

Investment Rating - The overall investment rating for the food and beverage industry is positive, with expectations of returns exceeding the CSI 300 index by more than 5% in the next six months [29] Core Views - The food and beverage sector demonstrates resilience amid increasing export uncertainties and expectations for domestic demand policies to be strengthened [5][15] - The SW food and beverage index rose by 0.20%, ranking 11th among 31 sub-industries, with snacks, soft drinks, and beer leading the gains [5][15] - The report highlights the importance of focusing on companies with stable fundamentals and strong performance amid the current market conditions [10][18] Sub-industry Summary Alcoholic Beverages - The white wine sector shows significant configuration value under domestic demand policy expectations, with a focus on companies with stable fundamentals and strong earnings certainty [6][18] - The SW white wine index decreased by 0.71%, with external risks heightened due to unexpected tariffs [6][20] - Recommended companies include Luzhou Laojiao, Shanxi Fenjiu, Jiansiyuan, and Yingjia Gongjiu, all rated as "Buy" [3][27] Consumer Goods - The consumer goods sector is expected to see strong performance in Q1, with a focus on high-growth categories and channels [22] - The SW snacks, soft drinks, and beer sub-sectors led the gains, with respective increases of 8.12%, 6.85%, and 3.64% [5][22] - Companies such as Youyou Foods, Zhujiang Beer, and Dongpeng Beverage are highlighted as key performers to watch in the upcoming earnings reports [22] Snacks - The snacks segment is under continuous observation for category explosions and new channel opportunities [8][23] - There is a growing consumer demand for health-conscious and innovative products, with companies like Weilong and Yuyou Foods positioned to benefit from new product introductions [8][24]

Core Viewpoint - Dongpeng Beverage is planning to list on the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, supply chain upgrades, brand building, and international market expansion [1][2]. Company Overview - Dongpeng Beverage is a leading player in China's functional beverage industry, focusing on the research, production, and sales of various drinks, including energy drinks, sports drinks, tea drinks, and coffee drinks. Its core product, "Dongpeng Special Drink," is highly recognized among consumers [3][4]. Market Position - Dongpeng Beverage has maintained its leading position in the functional beverage market, with a market share projected to reach 26.3% by 2024. The company is also expected to rank fourth in the global functional beverage market [5]. Financial Performance - The company has shown strong growth, with revenue increasing from 8,500 million to 15,830.3 million from 2022 to 2024, representing a compound annual growth rate (CAGR) of 36.5%. Net profit is expected to rise from 1,440.5 million to 3,326.4 million during the same period, with a CAGR of 52.0% [5]. Industry Potential - The Chinese soft drink industry is large and continues to grow, with functional beverages being the fastest-growing segment. The market for functional drinks is projected to reach 281 billion by 2029, with a CAGR of 11.0% from 2024 to 2029, providing ample growth opportunities for Dongpeng Beverage [6][7]. Brand and Sales Network - Dongpeng Beverage has a strong brand influence and a comprehensive sales network, covering nearly 4 million retail outlets across China, achieving close to 100% coverage in prefecture-level cities [7]. Digital Operations - The company has implemented advanced digital technologies, such as "one code for one product" and "five-code association," to enhance its digital operations, driving sales growth and improving decision-making accuracy [8]. Competitive Landscape - Despite its leading position, Dongpeng Beverage faces intense competition from both established brands and new entrants in the market. Competitors leverage scale advantages and innovative products to capture market share [9][13]. Growth Sustainability - While Dongpeng Beverage has achieved rapid growth, the sustainability of this growth is uncertain due to increasing market competition, potential price declines, and the uncertain acceptance and profitability of new products [11][12].

Core Viewpoint - Dongpeng Beverage Group Co., Ltd. is seeking to list on the Hong Kong Stock Exchange, highlighting its position as a leading functional beverage company in China and globally, with significant revenue growth and market share expansion in the functional beverage sector [2][4]. Company Overview - Established in 1994, Dongpeng Beverage has become the largest functional beverage company in China and a global leader in the industry [2]. - The company has achieved the highest revenue growth rate among the top 20 listed soft drink companies worldwide [2]. Market Position - According to a report by Frost & Sullivan, Dongpeng Beverage has ranked first in the Chinese functional beverage market by sales volume for four consecutive years since 2021, with its market share increasing from 15.0% in 2021 to 26.3% in 2024 [2]. Sales Network - As of December 31, 2024, Dongpeng Beverage has established a comprehensive sales network covering nearly 4 million retail outlets across China, achieving close to 100% coverage of prefecture-level cities and connecting with over 200 million consumers [3]. Financial Performance - Revenue for Dongpeng Beverage is projected to grow from 8.5 billion yuan in 2022 to 15.83 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 36.5% [4]. - Net profit is expected to increase from 1.44 billion yuan in 2022 to 3.33 billion yuan in 2024, with a CAGR of 52.0% [4]. - The net profit margin is forecasted to improve from 16.9% in 2022 to 21.0% in 2024 [4]. Shareholding Structure - As of the latest feasible date, Lin Muqin directly holds 49.74% of the issued share capital of Dongpeng Beverage, with additional holdings through limited partnerships [5][6]. - Lin Muqin, born in 1964, has held various leadership roles within the company since 1997 and currently serves as the Chairman and President [7].

2. 行业分析：中国软饮行业规模庞大且持续增长，功能饮料是增长最快的细分品类。2019 - 2024年中国功能饮料市场零售额年复合增长率达8.3%，预计2024 - 2029年将以11.0%的年复合增长率增长。行业驱动因素包括消费者健康意识增强、消费场景多元化等 。 3. 业务模式：公司构建了完善的业务体系。在销售方面，建立了覆盖全国的立体化销售网络，截至2024年12月31日，覆盖近400万家终端销售网点，通过经 销商、重客、线上销售等多渠道销售产品 。在生产方面，拥有九大生产基地，采取以销定产模式，2022 - 2024年整体设计产能和产能利用率不断提升 。同 时，注重研发创新，推出多款新产品 。 4. 财务状况：2022 - 2024年，公司收入、净利润实现强劲增长，收入从8500.0百万元增长至15830.3百万元，年复合增长率达36.5%；净利润从1440.5百万元 增至3326.4百万元 ，年复合增长率达52.0%。经营活动产生的净现金流良好，且持续向股东分派股息 。 5. 风险因素：公司面临多种风险。市场竞争方面，软饮行业竞争激烈，对手可能推出更优产品和营销活动 ；产品质量上，质量问题会影响声誉 ...

截至目前，东鹏饮料的产品矩阵已涵盖能量饮料、运动饮料、茶饮料、咖啡饮料、植物蛋白饮料和果 蔬汁饮料等多个品类。 2022 年至 2024 年，东鹏饮料的权益回报率分别为 31.0% 、 35.8% 和 47.5% 。 收入增速在全球前 20 大上市软饮企业中位列第一。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 其中， " 东鹏特饮 " 已成为中国以零售额计的百亿级人民币大单品， 2024 年，东鹏饮料的能量饮料 收入 133.04 亿元， 2022 年至 2024 年收入复合年增长率为 27.3% 。在运动饮料领域，东鹏特饮于 2023 年 1 月推出了 " 东鹏补水啦 " 产品，在推出的第二年收入近 15 亿元，同比增长 280.4% 。 据 IPO 早知道消息，东鹏饮料 ( 集团 ) 股份有限公司（以下简称"东鹏饮料"）与 2025 年 4 月 3 日 正式向港交所递交招股说明书，计划" A+H "两地上市，华泰国际、摩根士丹利和瑞银国际担任联席 保荐人。 截至 2024 年 12 月 31 日，东鹏饮料拥有超过 3,000 家经销伙伴和覆盖全国且深度下沉的 ...

招股书显示，东鹏饮料是中国第一、全球领先的功能饮料企业，收入增速在全球前20大上市软饮企业中 位列第一。根据弗若斯特沙利文报告，按销量计，公司在中国功能饮料市场自2021年起连续4年排名第 一，领先地位持续夯实，市场份额从2021年的15.0%增长到2024年的 26.3%。2024年，公司的能量饮料 录得收入 133.036亿元人民币，2022年至2024年收入年复合增长率达27.3%。在运动饮料领域，公司 2023年1月推出的"东鹏补水啦"产品，凭借与流汗和补水场景强关联而迅速崛起，其"快 速补充电解 质"的产品功能主张广为传播，于推出的第二年录得收入近15亿元人民币， 同比增速达到280.4%。 智通财经APP获悉，据港交所4月3日披露，东鹏饮料(集团)股份有限公司(简称：东鹏饮料(605499.SH)) 递表港交所主板，华泰国际、摩根士丹利、瑞银集团为联席保荐人。 | [编纂]股H股(視乎[编纂]行使與否而定) | 【编纂]的[编纂]數目 : | | | --- | --- | --- | | [编纂]股H股(可予[编纂]) | [编纂]數目 | | | [编纂]數目 | : | [编纂]股H股(可予 ...

Core Viewpoint - The article discusses the development of China's tea industry, emphasizing the importance of integrating tea culture, industry, and technology to enhance the sector's growth and sustainability [1][2]. Industry Overview - China's tea production has been increasing, with a reported output of 3.74 million tons in 2024, marking a 5.5% increase. However, tea prices have been declining, particularly in comparison to international markets [5][6]. - The domestic tea market is facing a significant gap between production and sales, leading to substantial amounts of tea being wasted [6]. Company Initiatives - Nongfu Spring has actively engaged in the Yunnan tea market by purchasing tea leaves at prices higher than the market average, significantly benefiting local farmers and tea producers [7][8]. - The company has committed to building five modern tea processing facilities in Yunnan, with a processing capacity of 20,000 kg of fresh leaves per day, which is five times that of typical facilities [2][12]. Economic Impact - The high purchasing prices from Nongfu Spring have revitalized the local tea market, leading to increased incomes for farmers and tea factories [7][8]. - In 2024, Nongfu Spring purchased approximately 13,000 tons of tea, benefiting over 60,000 households, with plans to increase purchases to 19,000 tons in 2025, representing a 58% growth [8][12]. Technological Advancements - The new processing facilities will utilize advanced technology, including automated systems for tea processing, which will enhance efficiency and product quality [11][12]. - The company aims to standardize tea production processes to ensure consistent quality, addressing issues related to traditional production methods [11][15]. Cultural and Market Positioning - Nongfu Spring's initiatives are seen as a way to strengthen the overall tea supply chain and improve the market position of Chinese tea globally, especially in comparison to Japanese tea, which commands higher prices internationally [16][17]. - The company emphasizes the need for a cultural revival in the tea industry to enhance its global competitiveness and market presence [16][18].

Core Insights - The article discusses the modernization of the tea industry in Yunnan, facilitated by Nongfu Spring's donation of five modern tea processing factories, which aims to enhance local livelihoods and promote industrial revitalization [1][3][5]. Group 1: Investment and Infrastructure - Nongfu Spring has invested 20 million yuan in a green tea processing factory in Yunnan, which has begun operations, marking a significant step in local industrial development [3]. - The new factories are equipped with advanced tea processing lines capable of handling 20,000 kilograms of fresh leaves per day, significantly outperforming traditional facilities [4]. Group 2: Technological Advancements - The tea processing facilities utilize automated processes for various stages, including withering, killing green, and rolling, leading to a quality improvement where the pass rate of tea quality has increased from 52% to over 90% [4]. - The introduction of digital control systems allows for precise management of temperature and pressure during processing, enhancing overall efficiency and product quality [4]. Group 3: Economic Impact - Local tea farmers have seen a 20-30% increase in the price of fresh leaves due to Nongfu Spring's involvement, which has also led to a shift from seasonal to year-round tea collection [6]. - The partnership with Nongfu Spring has resulted in local tea producers receiving guaranteed purchase agreements, thus stabilizing their income and encouraging further investment in equipment upgrades [6]. Group 4: Future Prospects - Nongfu Spring aims to replicate its successful model from Jiangxi, focusing on standardized production and market competition, which could lead to a significant transformation in the Yunnan tea industry [7]. - The company plans to invest 1 billion yuan in a beverage production base in Kunming, set to launch in 2026, which will further integrate Yunnan tea into global markets [7]. Group 5: Societal Benefits - The initiative emphasizes a people-centric approach to industrial upgrading, transforming farmers from mere participants to beneficiaries of technology and value sharing [8]. - The article highlights the potential for Yunnan tea to achieve substantial global sales, leveraging the region's natural resources and improving production standards [8].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The revenue of the beverage and tea industry in January-February decreased by 0.4% year-on-year [2] - The overall performance of the food and beverage sector shows a slight increase, with the food and beverage index rising by 0.40% from March 24 to March 28, ranking third among 28 sub-industries [6][7] - The report recommends high-end liquor with stable demand and high growth certainty, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as strong regional brands [18] Summary by Sections Industry Performance - From March 24 to March 28, the overall market index increased by 0.07%, while the food and beverage index increased by 0.40% [6][7] - The top-performing sectors were meat products (+2.86%), dairy products (+2.13%), and beer (+2.01%) [6] - Notable stock performances included Miaokelando (+28.66%), Guangming Meat (+13.02%), and Yanjinpuzi (+5.33%) [6] Company Announcements - Shuanghui Development reported a total revenue of 59.561 billion yuan for 2024, down 0.55% year-on-year [21] - Zhujiang Beer reported a total revenue of 5.731 billion yuan for 2024, up 6.56% year-on-year [21] - Sanquan Food reported a total revenue of 3.476 billion yuan for 2024, up 10.41% year-on-year [21] - Three squirrels reported a total revenue of 10.622 billion yuan for 2024, up 49.30% year-on-year [21] Industry News - The 112th National Sugar and Wine Commodity Fair is preparing to sign several major projects with a total investment exceeding 3 billion yuan [23] Consumer Data - In January-February 2025, the total retail sales of consumer goods increased by 4.0% year-on-year, while the catering retail sales increased by 4.3% [24] - The consumer confidence index for January 2025 was 87.5, down 1.57% year-on-year [24] Alcohol Industry Data - In January-February 2025, the production of liquor, beer, and wine decreased by 11.2%, 4.9%, and 25% year-on-year, respectively [29]